Mitsui Fudosan and Stanhope, as development manager, today announce that they will start the second phase of the redevelopment of Television Centre, with a total end value of £500m, signalling the success of the first phase and their continued confidence and commitment to White City and the London property market.
Updated plans submitted by Google for its £1 billion “groundscraper” headquarter building in Kings Cross show that it will have 250 metres of shop fronts and a community events space. Lendlease is main contractor of the huge one million sq ft building. — designed by Thomas Heatherwick and Danish architects
Caddick Construction has been appointed by Radius Payment Solutions to deliver its £14.6m state-of-the-art facilities at Arden Square on Crewe Business Park. The three-storey structure will be constructed to BREEAM excellent standards, making it both energy efficient and a great working environment. Consistent with Radius’s other facilities in Crewe the
Bouygues UK has welcomed a group of pupils from Pentrehafod School to the 71/72 Kingsway site in Swansea city centre. The pupils were invited to view two new murals they helped to create that are displayed on the hoarding of the construction site, which Swansea Council is developing into a
Stanhope and Cadillac Fairview are delighted to welcome 800 ITV staff to the Broadcast Centre building as part of their move and consolidation to the creative campus at White City Place, W12, alongside the BBC and other creative businesses. The White City Innovation District is home to some of the
Award-winning UK construction, refurbishment and fit out company, Gilbert-Ash, has been appointed as main contractor on a £28 million project to redevelop Manchester’s Evershed House to provide over eight floors of CAT A office space and a basement car park. The works, which begin later this month at 70 Great
Leading national urban regeneration business, Muse Developments, in partnership with Bradford Council, has appointed Caddick Construction to deliver the landmark One City Park office scheme, which will continue the transformation of the heart of Bradford city centre. The 56,403 sq. ft sustainable development on the former police HQ site, is
Recruitment company Calibre Search has moved across the Northern Quarter and into the newly refurbished Nine Stephenson Square office space, after revenues reached £5.5 million. The investment in a ‘first class’ working environment is the result of Calibre’s confidence in the marketplace – particularly the recent boom in early stage
CEG welcomed the leader of Leeds City Council and other stakeholders in the city to its flagship Globe Point development today (3/3/22) for a topping out ceremony. BAM Construction commenced the development in May 2021 on behalf of CEG and is set for full completion this summer. Simon Sutcliffe, Construction
Flexible workspaces to consume 44% of landlords’ portfolios by 2026, up 11% New research among more than 200 UK commercial landlords has revealed how many are struggling to secure tenants for their office buildings as demands shift during the pandemic. It found: 62% of UK commercial landlords are struggling to
Mitsui Fudosan and Stanhope, as development manager, today announce that they will start the second phase of the redevelopment of Television Centre, with a total end value of £500m, signalling the success of the first phase and their continued confidence and commitment to White City and the London property market. Phase 2 comprises a total of 511 homes in four separate plots designed by Stirling prize-winning architectural practices, following the masterplan established by lead architects AHMM, including a modern crescent shaped block of 180 apartments and a contemporary 25 storey tall building of 167 apartments for completion in 2026. The development of phase 2 will complete the masterplan and further open up the site to local residents, visitors and workers by the creation of a second entrance on Wood Lane and pedestrian connection through to Hammersmith Park via interlinking urban streets. The development of a cluster of new buildings are designed to be distinctive and have a character of their own, complementing each other and the buildings established across the wider estate. Jonathan Trout, Property & Commercial Director at Stanhope said: “We are delighted to be working with Mitsui Fudosan as development manager for the delivery of a new residential 25 storey tower with 167 apartments and 180 apartments in a crescent block by 2026. The start of phase 2 demonstrates the commitment of Stanhope and Mitsui Fudosan to the delivery of much needed new housing, including affordable, in Hammersmith & Fulham and our long-term commitment to the area.” Tomoo Nakamura, Managing Director, Mitsui Fudosan UK said: “This announcement underlines our continued commitment to the development of the Television Centre site and the range of opportunities which it offers for the delivery of a number of significant commercial and residential projects. Having recently become the sole owner of Phase 2, we are delighted to be able to continue to collaborate with Stanhope as development manager for the delivery of almost 350 new apartments. We have already completed over half a million square feet of office space as well as more than 430 homes on the Television Centre site. We remain focused on ensuring that this development continues to be delivered to the highest standards while we continue to explore other investment opportunities in London.” Construction has already started on 142 new affordable homes for Peabody in two new buildings called Macfarlane Place at Television Centre, with delivery expected in early 2024. Designed by Maccreanor Lavington Architects, the new buildings will replace the now demolished former BBC multi-storey car park on Wood Lane, W12, opposite Westfield. 1 Wood Crescent is under construction and recently ‘topped out’ and is due to complete in early 2023. AIMCo, on behalf of some of its clients, and Mitsui Fudosan remain owners of Phase 1 which includes Soho House, the Helios residential building, 2 Television Centre (offices let to Publicis, the White Company and Soho Works) and 1 Wood Crescent (under construction and offices part pre-let to PvH Corp., the parent company to brands including Calvin Klein and TOMMY HILFIGER with Stanhope as Asset Manager.
Updated plans submitted by Google for its £1 billion “groundscraper” headquarter building in Kings Cross show that it will have 250 metres of shop fronts and a community events space. Lendlease is main contractor of the huge one million sq ft building. — designed by Thomas Heatherwick and Danish architects BIG — is now well advanced ahead of topping out later this year, with completion expected by 2024. However, there has been little detail surrounding what it will look like at ground floor level — until now. New detailed designs submitted this week with Camden council reveal a long parade of retail units “with a mix of established and growing brands” as well as a “market hall” for small businesses and “a community, education and event space that will host a changing programme of events all year round. This will be the first wholly-owned and designed Google building outside of the US and will comprise a staggering one million square feet of space spread out over an 11-story building. To put it into context, Google’s building will be longer than the Shard is tall. As well as office space for up to 4,000 Google employees to work, the area will also feature a pool, games area, gym, landscaped roof garden and a parade of retail space for shops and other businesses to occupy. The new building is being developed from the ground up and will contribute to the Knowledge Quarter and King’s Cross’s growing knowledge-based economy. The tech giant says that, when finished, the area ‘will be a resource not just for Googlers but Londoners, too.’
Caddick Construction has been appointed by Radius Payment Solutions to deliver its £14.6m state-of-the-art facilities at Arden Square on Crewe Business Park. The three-storey structure will be constructed to BREEAM excellent standards, making it both energy efficient and a great working environment. Consistent with Radius’s other facilities in Crewe the focus will be on employee wellbeing. Design features include a barista coffee bar, pizzeria, Star Wars themed sky bar and outdoor seating and yoga areas all built around an eye-catching conical shaped glazed atrium. The 41,043 sq ft office scheme will also include 128 parking spaces, 25 of which will have electric vehicle chargers installed and operated by Radius’s fast-growing e-mobility business. Radius Payment Solutions, a world leading provider of mobility and connectivity related products and services to SME businesses, appointed Caddick Construction in April of this year with work starting on site late May. The project is due to complete in the summer of 2023, facilitating Radius’s plan to expand its Crewe based workforce to in excess of 1,000 by that time. Crewe Business Park is a 67-acre site off the A534 and is already viewed as one of the North West’s premier business parks that’s home to several research-based and high tech manufacturing centres. Following the appointment, Caddick Construction Manager Ben Edwards said: “It’s not often you get such a high-quality office scheme that has so many unique elements to it. The team are really excited to be on site and I’m sure as we get towards the fit out stage there will be a lot more visitors than usual wanting to check out its ”out of this world” features!” CEO of Radius Payment Solutions Bill Holmes added: “Development of this exciting new building is key to our commitment to maintaining a great working environment for all of our employees. I’m particularly excited that it will incorporate state of the art testing, warehousing and dispatch facilities for our telematics business, supporting our ambition to become one of the true global leaders in this high growth market.” Radius Payment Solutions, which has more than 2,150 staff worldwide, is already headquartered at Radius Campus on Crewe Business Park and also has offices at nearby Herald Park. Signalling its continued commitment to the town, the additional floor space being created at Arden Square will be used for future “growth and development” of the company added Mr Holmes. Radius currently has over 50 offices across Europe, US, Australia and South East Asia. Since it was established in the UK in 1990 it has grown internationally by forging partnerships with global brands and has built a loyal base of more than 300,000 customers. Architects on the scheme are AEW Architects, with Cundall and David Webb Associates appointed as engineers. Walker Sime is providing quantity surveying services, with interior design by Space Invader. Project management is provided by Avid Property Consultants.
Bouygues UK has welcomed a group of pupils from Pentrehafod School to the 71/72 Kingsway site in Swansea city centre. The pupils were invited to view two new murals they helped to create that are displayed on the hoarding of the construction site, which Swansea Council is developing into a new office building that will provide space for 600 jobs. The colourful murals were produced by Fresh Creative Co in a joint initiative between Bouygues UK – the council’s main contractor for the project – and the local community, through the Art In The City project. They were designed following discussions with a group of 60 young people as part of an engagement programme called ‘School Swap’, a regional project to explore cultural and social differences between young people across Swansea, Neath Port Talbot, and Bridgend. The inspiration for the murals came directly from these workshops and the visit allowed the pupils to have their say on the final artwork, the location, and the possible impact of the art on the local community. Located at the former Oceana nightclub site, 71/72 Kingsway will be operationally carbon zero and worth £32.6 million a year to Swansea’s economy. Due for completion in the summer of 2023, the scheme will include 114,000 square feet of commercial floor space with flexible co-working and office opportunities for businesses in sectors like tech, digital and the creative industries. Other features of the new development include a roof terrace, a new link between The Kingsway and Oxford Street, and balconies overlooking the city centre and Swansea Bay. The scheme is being part-funded by the £1.3bn Swansea Bay City Deal and supported by the European Regional Development Fund through the Welsh Government. Bouygues UK’s Nick Toulson and Hadley Hands gave the pupils a site tour, allowing them a chance to see the construction in progress and look at the murals, which respond to issues the children feel strongly about like racism and hate crime, on the board hoardings. Bouygues UK Social Value Advisor Nick said: ‘’It was fantastic to welcome the Pentrehafod pupils to the Kingsway site. During the tour, we explained the process and the proposed use of the building as a communal office and agile working space. The children were eager to listen and learn and they were big fans of the murals that we have on the hoardings. We also discussed ideas for more artworks that tie in with Bouygues UK’s Diversity and Inclusion programme and we look forward to seeing more creations soon.’’ Cllr Robert Francis-Davies, Swansea Council’s Cabinet Member for Investment, Regeneration and Tourism, said: “The pupils thoroughly enjoyed the visit and loved the artwork, which form part of a construction scheme that will create space for 600 jobs and further boost Swansea’s economy, following on from our Copy Bay district that includes Swansea Arena. “These artworks aim to celebrate diversity and encourage people to be respectful in our communities. It’s hoped that people will see these murals and feel connected to their local area as the messages promote peaceful and integrated communities.” Building, Design and Construction Magazine | The Home of Construction and Property News
Stanhope and Cadillac Fairview are delighted to welcome 800 ITV staff to the Broadcast Centre building as part of their move and consolidation to the creative campus at White City Place, W12, alongside the BBC and other creative businesses. The White City Innovation District is home to some of the world’s most dynamic businesses with a cluster of creative organisations, including the BBC, Publicis and ITV. ITV has taken 125,000 sq ft of office space across 3 upper floors, and some of the ground floor, of the Broadcast Centre, campus previously occupied by the BBC. A further 1,200 ITV staff will move in next year so that by mid-2023 the whole ITV London team of more than 2,000 staff will all be in one location together for the first time. ITV staff arriving will find a thriving and lively ecosystem of other businesses, cafes and restaurants, amenities, activities and services second to none. The additional 800 ITV staff moving in today will join those from ITV Daytime and Drama who are already based in the WestWorks building at White City Place and in the studios at Television Centre where flagship shows like GMB, Lorraine, Graham Norton and Jonathan Ross are filmed. ITV is relocating all their London staff from their existing offices in Gray’s Inn Road and Waterhouse Square to White City which has traditionally been mainly a BBC site. The BBC retains space in the Broadcast Centre and other buildings in White City Place, and Television Centre includes the HQs of BBC Worldwide and Publicis, along with 3 studios run BBC Studioworks and a club, restaurant, gym and hotel run by Soho House. Ian Jones, Director of Workplace Services and Estates, ITV, said: “Over the next 12 months we will be moving all our London teams to ITV White City, joining ITV Daytime and Drama, who are already located in WestWorks, and our Studioworks team at Television Centre. It’ll be the first time we’ve all been together, creating a real hub for ITV in west London, and delivering new, smart ways of working for all our colleagues. We’re excited to be joining such a vibrant, creative community and bringing our distinctive ITV vibe to W12.” Jenny Hammarlund, managing director, Head of Europe, Cadillac Fairview said: “The decision by ITV to move all their staff to west London is an endorsement of the vitality and success of White City Place in attracting high quality and innovative world class businesses. White City Place is truly establishing itself as a creative innovation hub, with the likes of BBC, ITV and other media companies, alongside a growing cluster of leading life science businesses, including Novartis and Autolus. Cadillac Fairview is committed to the long term success of White City and its Innovation District and we look forward to its continued growth, alongside our broader commitment to London and the life sciences market as demonstrated by our recent investments in Oxford North and 70 Gracechurch Street.” Claire Dawe, Director, Asset Management, Stanhope said: “White City Place is already a fantastic creative campus with the BBC, ITV and other media businesses currently on site but the decision by ITV to relocate all their 2,000 staff in London to White City will increase the buzz and critical mass to make it a real centre of the media industry in London. Stanhope and Cadillac Fairview, the owner of White City Place, welcome the new ITV staff, and they will be in good company with a range of other leading creative businesses both at White City Place and Television Centre.” Building, Design and Construction Magazine | The Home of Construction and Property News
Award-winning UK construction, refurbishment and fit out company, Gilbert-Ash, has been appointed as main contractor on a £28 million project to redevelop Manchester’s Evershed House to provide over eight floors of CAT A office space and a basement car park. The works, which begin later this month at 70 Great Bridgewater Street, comprise the reconfiguration of the existing building to provide a replacement of the existing façades, a complete internal refurbishment and the addition of two new levels of office area. With a BREEAM target of Outstanding, works also include a new two-storey vertical steel extension, an atrium infill to the existing floor plates, full CAT A fit out to the existing and new areas and associated support spaces to the ground floor and lower levels. The existing masonry façade is to be demolished and replaced with a new unitised curtain wall and aluminium cladding façade system. The building, which was originally constructed in 2001, is bounded by Great Bridgewater Street to the North, and by Rochdale Canal to the South and East. Gilbert-Ash Construction Director, Raymond Gilroy said he was delighted to add such an extensive project to the company’s expanding portfolio of workplaces. He said: “We are delighted to be working for Bridgewater Manchester (Luxembourg) Holding Sarl on this project, not only to complete refurbishment, but also to extend this office block in the heart of the city. “The completed works will provide CAT A office space over eight floors making 70 Great Bridgewater Street one of the most innovative and modern places to work in Manchester. “This will be a challenging project as the building is close to a canal and existing buildings, but Gilbert-Ash has a reputation for transforming and creating unique spaces that are engaging and inspiring. From challenging city centre sites to complex logistics, our teams always deliver something special.” Gilbert-Ash attributes its continued success to its ‘As One’ approach and its unique working culture and family environment as an employee-owned company. It continues to complete a broad portfolio of successful construction projects across sectors including arts and culture, workplace, hotels and leisure, education, science and technology, retail, residential and student accommodation. Building, Design and Construction Magazine | The Home of Construction and Property News
Leading national urban regeneration business, Muse Developments, in partnership with Bradford Council, has appointed Caddick Construction to deliver the landmark One City Park office scheme, which will continue the transformation of the heart of Bradford city centre. The 56,403 sq. ft sustainable development on the former police HQ site, is the first high-quality, modern office scheme to be delivered in Bradford city centre for more than 20 years. It will directly address the need for high-quality offices by offering exceptional workspace with adaptable floor plans to accommodate agile working practices. The five-storey development – rated BREEAM ‘Excellent’ – will also feature new public realm areas around the scheme. The building will connect seamlessly to the multi award-winning City Park with new stepped access and attractive seating areas. It is also within walking distance to cultural assets including City Hall, St George’s Hall and new music venue Bradford Live, which is due to open later this year. More than 300 jobs will be created throughout the construction with a further 450 jobs based in the building once completed. Enabling works are already underway with construction due to start on site later this month, and the building due to complete by summer 2023. The development will have strong sustainability credentials, including high-performance glazing to the façades to maximise natural light while reducing solar gain; photovoltaic panels and air source heat pumps to make sure the building operates on renewable energy. A roof terrace will serve a dual purpose, helping with the natural cooling of the building as well as promoting the wellbeing of its occupants. All of the car-parking spaces will have electric car charging points, coupled with secure cycle storage and changing facilities on the ground floor to encourage workers to take more sustainable and healthier ways to travel to the office. Simon Dew, development director at Muse Developments, added: “We’re very excited to announce this important milestone for One City Park and to be working with Bradford Council and Caddick Construction on this flagship scheme. The significance of One City Park can’t be underestimated for Bradford and we know there’s growing demand from businesses looking to relocate or expand in the city centre.” Adrian Dobson, managing director for Caddick Construction, said: “This is a high-profile scheme in the heart of Bradford that will have a transformational effect on the city centre. Caddick is delighted to have been chosen as construction partner to deliver on such an important project for Muse, Bradford Council and the city as a whole.” Jason Longhurst, Bradford Council’s strategic director for place, said: “We are delighted that Caddick Construction has been appointed to bring this flagship scheme to life. One City Park will be a huge step forward in our ambition to become a clean growth city district and provide a welcome boost to the city centre economy.” Muse Developments is an established specialist in place-changing regeneration, working in close partnerships with councils, local stakeholders and the wider business communities to create award winning landmark developments across the UK. Muse is also part of Morgan Sindall plc – the UK’s leading construction and regeneration group. Bradford was also recently named in a national report as the city with the most potential to benefit from the Levelling Up agenda. This report coincides with significant investment for Bradford into both transport and infrastructure as part of the £50m Transforming Cities public realm enhancement programme. For further information visit www.onecitypark.com.
Recruitment company Calibre Search has moved across the Northern Quarter and into the newly refurbished Nine Stephenson Square office space, after revenues reached £5.5 million. The investment in a ‘first class’ working environment is the result of Calibre’s confidence in the marketplace – particularly the recent boom in early stage construction projects. Calibre Search, advocates of flexible working and striking a smooth work life balance, will introduce 10 further specialist recruiters by the end of the year to its 1,461 sq ft base. The company – specialists in the built environment, HVAC, IT and marketing – is on course to register revenues of £6.6m in 2022, a £2m increase on its 2020 turnover figure. Pete Gillick, Director, Calibre Search, described the past several months as ‘the busiest period in the company’s history’, and predicted further growth in activity well into 2022 and beyond. It comes after new construction orders rose by 9.2% (£1,121m) in Q4 2021 compared with Q3 2021 – higher than the last full quarter not affected by the pandemic (Q4 2019), according to the Office for National Statistics. New orders in Q4 2021 are also at their highest level since High Speed 2 affected Q3 2017. “Part of our vision is to be the ‘go-to partner’ in the industries we service and I think we are achieving that The demand for talent that we are seeing from our large corporation and SME clients is similar to the economic boom of 2005 / 06. While 2020 was tough, we bounced back very quickly. Many of our clients are at the earlier stages of construction and can’t find the right people themselves which continues to drive opportunities,” said Pete. Calibre Search’s clients include the biggest names in the built environment space; with many saying they can’t respond quickly enough to big jobs, according to Pete. “It’s across the board,” he said. “We recruit for roles including engineering consultants, construction professionals, environmental scientists, architects, planners and hydrologists and are seeing more corporate activity than we’ve ever seen before. And it’s not just the private sector. “You can’t drive anywhere without seeing roadworks at the moment, housing is taking off and there’s a lot of work in flood defence. The challenge is finding the talent to fill the gaps. But we’ve never been this busy and we have a superb team and hope to recruit more of the same quality.” Calibre Search, which also has an office in Leeds, used to be based at The Landmark building on back Turner Street in the Northern Quarter. Nine Stephenson Square base was a building originally constructed in the second quarter of the 19th century and one that has housed numerous companies from the music, banking and fashion industries. Pete added: “We are finding that after an initial drive of people wanting to work from home that some now want to leave the house more often. That has led us to investing in a much improved and newly refurbished office space which offers the highest quality environment when it comes to the experience of coming to work. “We will be doubling headcount from seven to at least 14 in the next 12 months and have the capacity to grow to over 20 staff in Manchester.”
CEG welcomed the leader of Leeds City Council and other stakeholders in the city to its flagship Globe Point development today (3/3/22) for a topping out ceremony. BAM Construction commenced the development in May 2021 on behalf of CEG and is set for full completion this summer. Simon Sutcliffe, Construction Director for BAM, said: “BAM’s buildings are winning sustainability awards across the UK. Our knowledge and understanding, which spans both buildings and the design and construction process, is being transferred to Globe Point. This flagship city centre building is a BREEAM Excellent development and it is really taking shape.” Providing next generation workspace for over 400 people, the 37,800 sq ft seven-storey building on Globe Road is striking, with its flat iron design providing spectacular views across the city from the roof terrace gardens. Responding to occupiers’ expectations and the new ways of working, Globe Point will deliver some of the highest quality workspace in Leeds, along with ground floor break-out space and café kitchen. Councillor James Lewis, leader of Leeds City Council, said: “This is a really exciting milestone, not only for the Globe Point development, but also for the regeneration of Leeds’s Temple district and the wider South Bank area. “High-quality projects like Globe Point are a sign of the strength of the Leeds economy as we continue our recovery from the effects of the COVID-19 pandemic and redouble our efforts to deliver jobs and opportunities for all. It promises to be a worthy and very impressive addition to our city’s skyline.” Globe Point will be the first new build office to complete in Leeds City Centre this year and is the first of CEG’s developments to complete within the Temple district of the city. CEG is currently managing the transformation of Drapers Yard, on Marshall Street, for Labcorp’s life science centre of excellence. The new headquarter facility will boast a new façade, roof top amenity space with a green, sedum roof and new landscaping and planting. CEG, alongside Leeds City Council and other stakeholders, is bringing forward further development across the Temple district, with the potential to provide some 4 million sq ft of high quality accommodation with Temple Works at its heart as a cultural centrepiece. Nick Lee, director at CEG, said: “Globe Point will deliver much needed new workspace within Leeds City Centre. The quality of the building and the approach to people and sustainability led design will set the tone for future developments within Temple. We are really excited about the buzz in Temple and the number of people living and working in the area continues to grow, supporting the fantastic bars, restaurants and other amenities, including our events space partnership with Chow Down.” Fox Lloyd Jones and Knight Frank are marketing the building on behalf of CEG. Nick Salkeld from Fox Lloyd Jones said: “We are beyond excited to have this ground-breaking scheme ready to show occupiers and the delivery work to date has already surpassed our expectations as to what a new generation workspace looks and feels like. Throughout the design process we really majored on the detail around the flexibility and quality of the space, making the most of its unique dual aspect with amazing natural light around the entire floorplate. The finished product will raise the bar as to what constitutes the best new office space in the city in a highly sustainable building and at the heart of an area steeped in history and character.” Eamon Fox, partner and head of office agency at global property consultancy Knight Frank in Leeds, said: “We are on course to deliver next generation workspace, combining great design, strong ESG credentials and new technology. With great interest from existing Leeds businesses, as well as inward investing firms, its clear Globe Point will provide space that will appeal to staff and help to attract skills and talent in today’s competitive environment, as well as meeting a businesses’ sustainability targets.” Award-winning Feilden Clegg Bradley Studios is the architect for Globe Point. Amanda Whittington, Partner, Feilden Clegg Bradley Studios said: “Alongside the wider masterplan, FCBStudios has designed two office buildings at the Temple site to provide 22,727m² of new Grade A office space. “On the historical east of the site, Globe Point office is an expressive flat iron building that marks the approach from key routes to the city centre. Brickwork panels form a dynamic façade with a contrasting aluminium profiled crown. “Designed to BREEAM excellent, the internal workspaces allow plenty of natural daylight to provide healthy flexible workspaces and cater for an ever changing office environment. Rooftop terraces on the top floors offer amenity space with commanding views. A co-working/café space on the ground floor has been developed with interior designers Ekho Studio to provide an exciting new destination for the area.”
Flexible workspaces to consume 44% of landlords’ portfolios by 2026, up 11% New research among more than 200 UK commercial landlords has revealed how many are struggling to secure tenants for their office buildings as demands shift during the pandemic. It found: 62% of UK commercial landlords are struggling to attract prospective tenants to fill their traditional office spaces at present 64% have seen a “notable shift” in tenants’ demands during the pandemic At present, landlords dedicate an average of 33% to flexible and co-working spaces – by 2026, this will rise 11% to 44% More than three fifths of the UK’s commercial landlords are struggling to attract tenants to traditional offices as businesses’ workspace demands have changed rapidly during the pandemic, new research by infinitSpace has revealed. The European flexible workspace provider has commissioned an independent survey among 204 UK commercial landlords, all of whom own one or more office buildings in the UK. It found that 62% are currently struggling to attract prospective tenants to fill their traditional office spaces. Almost two thirds (64%) reported having seen a “notable shift” in tenants’ demands during the pandemic, including terms and use of space. As a result, seven in ten (71%) office landlords plan to increase their flexible workspace offering in the coming five years. infinitSpace’s research found that UK commercial landlords currently dedicate an average of 33% of their office portfolio to some form of flexible or co-working spaces. By 2026, this is forecast to rise 11% to 44%. Since the start of 2020, 59% of office landlords have begun offering shorter and more flexible leases. Over half (52%) added new facilities to allow tenants to collaborate when inside the building, such as meeting rooms or breakout areas, while 63% have added facilities to improve the wellbeing of tenants, such as a gym or relaxation space. Wybo Wijnbergen, CEO of infinitSpace, said: “What businesses want and need from their office has been steadily evolving over the past decade, but the pandemic has kicked the pace of change into overdrive. Our research shows that, as hybrid working becomes commonplace and businesses look for more collaborative and engaging workspaces, many landlords are struggling to attract tenants if they don’t have flexible offerings. “Encouragingly, most office landlords are responding to this challenge. From the terms of the leases and the facilities on offer, to the ways their workspaces foster innovation and offer a great tenant experience – commercial landlords are evidently looking to transform their buildings to fit the ‘new normal’. “Our data shows that many traditional offices will be converted into flexible workspaces in the coming years. In many instances, this will involve the landlord themselves entering into a long-term, inflexible lease with an operator, which then runs the flexible workspace in their building. But instead, office landlords should feel empowered to manage their own brands. This will lead to a more diverse and dynamic commercial real estate market.” Founded in late 2020, infinitSpace works with landlords to transform traditional office space into modern, flexible and inspiring workspaces. With its software and app, infinitSpace also ensures maximum traction with tenants as businesses’ demands evolve.
